PDL BioPharma paid $53.8 million to buy back $55 million convertibles

New York, July 31 - PDL BioPharma, Inc. paid a total of $53.8 million for its previously announced $55 million repurchase of convertibles during the second quarter, according to a 10-Q filing with the Securities and Exchange Commission.

During the three-month period, PDL bought $50 million face amount of its 2.75% convertible senior notes due 2023 at an overall discount of 2% for a total of $49.3 million in cash, plus accrued interest.

The 2.75% convertibles were acquired in privately negotiated transactions with institutional holders.

In addition, PDL paid $4.5 million in cash, plus accrued interest, for $5.0 million face amount of its 2% convertible notes due 2012. The notes were bought in a single privately negotiated transaction with an institutional holder at a discount of 10.75%.

PDL is a Wilmington, N.C., pharmaceutical company.

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